Hailey Johnson
BankMobile offers a range of services, including checking accounts and financial aid refunds. While the company claims to provide a consumer-friendly banking experience, there are some fees associated with using their services. For example, there is a monthly service fee of $2.99, which can be waived if certain conditions are met, such as having direct deposits of at least $300 per month. Additionally, there is a retail service fee of up to $4.95 charged by retailers when depositing cash at their locations. On the other hand, BankMobile does not charge overdraft fees or ATM balance inquiry fees. Overall, while there are some fees associated with using BankMobile, they seem to be relatively low and transparent, and the company has received positive reviews for its customer service and ease of use.
| Characteristics | Values |
|---|---|
| Monthly fee | $2.99, $6, or $12 |
| Waiving the monthly fee | Direct deposits of at least $300 or $500 per month, or an average ending day balance of $5,000 or $1,500 |
| Overdraft fees | None |
| Opening deposit requirements | None |
| Daily balance requirements | None |
| ATM fees | Fee-free access at 55,000+ Allpoint and First Carolina Bank ATMs |
| Inactivity fees | None |
| ATM balance inquiry fees | None |
| Cash deposit fees | Up to $4.95 per reload at Green Dot locations |
| Interest | 0.5% APY on balances up to $1,000.99, and balances over that amount earn 0.01% APY |
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What You'll Learn
Monthly fees
BankMobile offers a monthly service fee waiver if you meet certain requirements. The monthly service fee is $6 or $12, depending on the account type and graduation date. However, you can avoid this fee by doing at least one of the following:
- Have an electronic deposit made into your account each statement period. This includes payments from payroll providers or government benefit providers, transferred through the ACH network, Real Time Payment, or FedNow℠ network, or third-party services that facilitate payments to your debit card using the Visa® or Mastercard® network. From 17 March 2024, electronic deposits must total $500 or more to waive the monthly fee.
- Maintain an average ending day balance of $5,000 or more in your checking account. From 17 March 2024, this amount will be $1,500.
Additionally, BankMobile offers a $0 monthly service fee for students up to the graduation date provided at account opening, with a maximum of five years. This student account is available to students attending one of the 700+ institutions partnered with BankMobile. It offers perks such as cashback rewards, fee-free ATM access, and instant school refund delivery. There is also no monthly fee if you have qualifying deposits totalling $300 or more per statement cycle, including direct deposits, transfers from external accounts, and check deposits.
It is important to note that BankMobile does not charge overdraft fees, providing peace of mind for those concerned about overdrawing their accounts. However, if you choose to deposit cash, there may be a fee of up to $4.95 per reload at Green Dot locations.
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Waiving fees
BankMobile offers a monthly service fee waiver if you meet certain requirements. The monthly service fee is typically $2.99, but you can avoid this fee by having qualifying deposits totalling at least $300 per statement cycle. Qualifying deposits include direct deposits, transfers from external bank accounts, and check deposits.
Additionally, BankMobile offers a $0 monthly service fee for students up to their graduation date. After graduation, the monthly service fee is $6, but there are ways to waive this fee as well. You can have an electronic deposit of at least $500 made into your account each statement period or maintain an average ending day balance of $5,000 or more in your checking account.
BankMobile also offers a Vibe Checking Account, which has a $2.99 monthly fee unless you have direct deposits of at least $300 per month. This account is only available to students attending one of the 700+ institutions partnered with BankMobile. It offers cashback rewards, fee-free access at 55,000+ ATMs, and 0.50% APY on balances up to $1,000.99.
It's important to note that BankMobile does not charge overdraft fees, and there are no hidden fees associated with the account. However, if you need to deposit cash, there is a fee of up to $4.95 per reload at Green Dot locations.
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Overdraft fees
BankMobile offers a checking account with no monthly fees, no hidden fees, and no overdraft fees. This is in contrast to a personal checking account, which may have monthly fees, overdraft fees, cash deposit limits, and cash withdrawal limits.
An overdraft occurs when a checking account does not have enough funds to cover a purchase or payment. Overdraft fees can be avoided by keeping track of your balance and transactions, including automatic payments. It is important to note that a bank's mobile app may not always provide accurate information about your available balance, and relying solely on this to make purchases can result in overdraft fees.
To avoid overdraft fees, it is recommended to maintain a cushion of money in your checking account and to link your checking account to a savings account or line of credit. Additionally, some banks offer the option to opt-out of overdraft protection, which can help prevent fees.
BankMobile's Student Checking Account provides a digital experience through its smartphone app, allowing account holders to manage their funds, transfer money, and deposit money via mobile check deposit or at 90,000+ retailers nationwide. The account also offers early direct deposit and secure transactions.
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Cash deposit fees
BankMobile offers a checking account with no overdraft fees and no hidden fees. However, there is a monthly maintenance fee, which can be waived, making it a cost-efficient option for students.
There are no explicit mentions of cash deposit fees for BankMobile. However, there are cash deposit limits, and it is common for banks to charge fees for cash deposits over a certain limit. BankMobile does offer cash deposits at 90,000+ retailers nationwide, such as 7-Eleven, Walgreens, and CVS, with a retail service fee of $4.95 or less per deposit.
For business accounts, there are often more fees due to the volume of the account. Cash handling fees are charged for immediate cash deposit transactions, meaning that there is generally a limit to how much cash can be deposited before a fee is incurred. Excessive transaction fees are another common fee for business accounts, charged when the number of transactions exceeds the account's limit.
To avoid cash deposit fees, it is recommended to set up alerts to prevent excessive transaction fees and stay within the account's transaction limit. Using network ATMs can also help to avoid check fees.
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ATM fees
BankMobile does not appear to explicitly state whether they charge ATM fees. However, ATM fees are a common feature of banking services. These fees are typically incurred when using an out-of-network ATM, with the fee being a combination of charges from the bank and the ATM owner.
On average, out-of-network ATM fees in the US are $4.77 per transaction, with the average fee charged by a bank for using an out-of-network ATM being $1.58, and the average ATM surcharge from the ATM owner being $3.19. These fees can vary depending on location, with higher fees in some cities such as Atlanta ($5.33) and lower fees in others like Boston ($4.16).
Some strategies to avoid ATM fees include:
- Staying within your bank's ATM network.
- Using mobile banking services for transactions and inquiries.
- Choosing an online bank with a large ATM network or one that reimburses ATM fees.
- Getting cash back when using a debit card at a supermarket or pharmacy, which often has a lower fee or no fee at all.
- Visiting a physical bank branch to conduct transactions or inquiries.
Additionally, when travelling internationally, it is important to be aware of foreign transaction fees. These fees can vary depending on the financial institution, with some banks charging a percentage-based fee and others charging a flat rate. For example, Bank of America charges a 3% transaction fee for ATM withdrawals processed internationally, while Connexus Credit Union charges up to a 1.5% transaction fee.
It is always a good idea to review the fee schedule and terms and conditions of your bank account to understand any potential ATM fees and how to avoid them.
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Frequently asked questions
Yes, BankMobile charges a monthly service fee of \$2.99, which can be waived if you have direct deposits of at least \$300 per month or maintain a minimum balance of \$5,000. There is also a \$4.95 fee for cash deposits at Green Dot locations.
BankMobile does not charge overdraft fees, monthly fees, or ATM fees at over 55,000 Allpoint and First Carolina Bank ATMs. There are also no inactivity fees or ATM balance inquiry fees.
To avoid the monthly service fee, you must meet at least one of the following conditions each statement period: have an electronic deposit of at least \$500 made into the account or maintain an average ending day balance of \$5,000 or more.
